PSEi stays at 8K level

By September 13,2017

The local stock barometer slightly gained on Wednesday, staying afloat 8,000, while tracking firmer US stock market overnight.

The main-share Philippine Stock Exchange index added 4.57 points or 0.06 percent to close at 8,053.88.

“Local shares continued their ascent albeit minimal as US stocks rose to all-time highs on Tuesday as financials received a boost from rising yields; however, price action was tempered somewhat by selling pressure in tech (sector),” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

“Fears over Hurricane Irma and geopolitical tensions in Korea eased. Wall Street also digested comments from US Treasury Secretary Steven Mnuchin on tax reform,” he added.

Mnuchin said he was “hopeful” that tax reform would be accomplished by year’s end.

The day’s gains were led by the mining/oil counter, which rose by 1.25 percent. The financial, industrial and property counters also inched up.

On the other hand, the holding firm and services counters dipped. Value turnover for the day amounted to P12.87 billion, including the P3.8 billion block sale on Bloomberry.

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